Chinese banks saw ‘refuge’ amid the crisis, says Bloomberg – 03/16/2023 – Nelson de Sá

From the top of Bloomberg, late Thursday in Shanghai and Hong Kong, morning in New York, “Chinese bank stocks emerge as safe havens amid global industry woes” (image below).

In the text, “gains in state institutions stand out, with Bank of China shares rising for the fourth day”. He quotes, from a note distributed by HSBC, that “limited sovereign exposures and the low correlation with the global rate environment help to protect Chinese banks from the approaching storm”.

Incidentally, like the others, Bloomberg’s “live” headlines followed Credit Suisse falling, being rescued, rising and then “trimming” the recovery.

In the background, the Reuters agency dispatched two projection changes, in relation to the two largest economies in the world. In the first, “Goldman Sachs cuts US GDP forecast after banking crisis”, from 1.5% to 1.2%.

In the second, “Goldman Sachs raises China’s GDP growth forecast in 2023 to 6%”, from the previous 5.5%, justifying it with “the country’s rapid reopening” at the beginning of the year.

Along the same lines, the Wall Street Journal highlighted on GDP that “China’s economy is recovering, stimulated by consumption, after the country’s exit from Covid Zero”. And Caixin, from Beijing, added that consumption in China grew by 3.5% in February, annualized, “with the gradual normalization of people’s lives”.

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